119Duties and liabilities of persons involved in management

119 Duties and liabilities of persons involved in management

119 Duties and liabilities of persons involved in management

(1) An officer must act honestly in the exercise of powers, and discharge of functions, as an officer of STC.

Maximum penalty—

(a) if the contravention is committed with intent to deceive or defraud STC, creditors of STC or creditors of another person or for another fraudulent purpose—500 penalty units or imprisonment for 5 years, or

(b) in any other case—100 penalty units.

(2) In the exercise of powers and the discharge of functions, an officer must exercise the degree of care and diligence that a reasonable person in a like position would exercise in the same circumstances.

Maximum penalty—100 penalty units.

(3) An officer, or a person who has been an officer, must not make improper use of information acquired because of his or her position as an officer—

(a) to gain, directly or indirectly, an advantage for himself or herself or for another person, or

(b) to cause detriment to STC.

Maximum penalty—500 penalty units or imprisonment for 5 years.

(4) An officer must not make improper use of his or her position as an officer—

(a) to gain, directly or indirectly, an advantage for himself or herself or for another person, or

(b) to cause detriment to STC.

Maximum penalty—500 penalty units or imprisonment for 5 years.

(5) In this section—

officer means the chief executive officer of STC, a member of the STC Board or another person who is concerned, or takes part, in STC’s management.

(6), (7) (Repealed)

s 119: Am 1999 No 5, Sch 4 [10]; 2004 No 10, Sch 1 [23] [24]; 2005 No 91, Sch 2.2 [8] [9] [12] [14]–[16].